Boston Partners Sells 225,336 Shares of 8x8 Inc $EGHT

Key Points

• Boston Partners has reduced its stake in 8x8 Inc by 3.4%, now holding approximately 4.87% of the company, valued at $12.83 million after selling 225,336 shares in the first quarter.
• In addition to Boston Partners, several institutional investors, including Vanguard Group and Invesco Ltd., have also adjusted their holdings in 8x8, with institutional ownership now at 93.99%.
• The stock has received mixed ratings from analysts, with a current average rating of "Hold" and a price target adjusted to $2.49, reflecting recent cuts from firms like Rosenblatt Securities and Wells Fargo.

Boston Partners trimmed its stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,419,520 shares of the company's stock after selling 225,336 shares during the quarter. Boston Partners owned approximately 4.87% of 8X8 worth $12,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in 8X8 by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after acquiring an additional 393,478 shares during the last quarter. Bank of America Corp DE grew its position in 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after acquiring an additional 249,798 shares during the last quarter. Geode Capital Management LLC grew its position in 8X8 by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock worth $8,077,000 after acquiring an additional 41,929 shares during the last quarter. AQR Capital Management LLC grew its position in 8X8 by 4.8% during the 4th quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company's stock worth $4,733,000 after acquiring an additional 81,843 shares during the last quarter. Finally, Deutsche Bank AG grew its position in 8X8 by 1.3% during the 4th quarter. Deutsche Bank AG now owns 1,754,269 shares of the company's stock worth $4,684,000 after acquiring an additional 22,638 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EGHT shares. Rosenblatt Securities reiterated a "buy" rating and issued a $2.50 price objective on shares of 8X8 in a report on Thursday. B. Riley reiterated a "buy" rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a report on Thursday, August 14th. Finally, Wall Street Zen cut 8X8 from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, 8X8 has an average rating of "Hold" and an average target price of $2.49.

Insider Buying and Selling

In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the completion of the transaction, the director owned 187,293 shares in the company, valued at $383,950.65. This trade represents a 11.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 200,000 shares of 8X8 stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the transaction, the insider owned 13,885,649 shares of the company's stock, valued at $25,549,594.16. The trade was a 1.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 334,741 shares of company stock valued at $615,895. 2.01% of the stock is currently owned by company insiders.

8X8 Stock Up 0.8%

Shares of EGHT traded up $0.0150 on Thursday, reaching $1.8350. The stock had a trading volume of 205,430 shares, compared to its average volume of 1,146,843. The firm has a market capitalization of $250.24 million, a price-to-earnings ratio of -11.47, a price-to-earnings-growth ratio of 2.01 and a beta of 1.85. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. The company has a 50-day simple moving average of $1.93 and a 200-day simple moving average of $2.03. 8x8 Inc has a 12-month low of $1.52 and a 12-month high of $3.52.

8X8 Profile

8x8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.